Crypto Expert Claims US State Is About to Buy Bitcoin – Could BTC Hit $500,000?
Dennis Porter, CEO of the Satoshi Action Fund (SAF), disclosed during Michael Saylor’s New Year’s Eve Bitcoin event that a US state could potentially begin purchasing Bitcoin (BTC) within the next four months. Although Texas was initially speculated, Porter clarified that its legislation only permits donations or tax payments in BTC, not direct purchases.
SAF has introduced 30 bills focused on Bitcoin across 20 states, successfully passing laws in Oklahoma, Louisiana, Arkansas, and Montana to safeguard rights such as self-custody, mining, and peer-to-peer transactions.
Looking ahead, Porter mentioned that 10 to 12 additional states intend to propose Bitcoin reserve legislation in 2025, with at least one state likely to finalize its bill soon.
While Porter refrained from naming the state, he emphasized its preparedness to proceed after the legislation passed a critical review by a task force. If enacted, the state could begin acquiring Bitcoin this year, potentially setting a precedent for broader adoption.
Legislative Progress Toward Bitcoin Reserves
The Satoshi Action Fund plays a crucial role in promoting Bitcoin adoption through education and policy development. By collaborating directly with lawmakers, SAF ensures that proposed legislation goes beyond approval to meaningful implementation.
Porter highlighted the efficacy of legislative task forces, which evaluate proposed bills during the offseason. He explained, “Every bill approved by this task force in recent years has become law.” With the Bitcoin Reserve bill successfully passing through this process, the state is now well-positioned to commence BTC acquisitions.
This development could represent a turning point in state-level crypto adoption, stimulating broader institutional and retail interest in Bitcoin in 2025.
Bitcoin Price Analysis: Technical Outlook
Bitcoin (BTC/USD) is currently trading at $97,936, experiencing a 0.27% decline for the day as it approaches resistance near $98,000. The downward trendline visible on the 4-hour chart continues to restrict gains, with immediate resistance at $98,092. Additional resistance levels are situated at $100,022 and $102,020.
Support levels are established at $95,837, $95,446, and $91,721, providing stability in the event of a pullback. The Relative Strength Index (RSI) at 60 reflects moderate buying pressure, while the price remains above the 50-day EMA at $95,837, indicating a short-term upward bias.
A breakout above $98,000 could propel Bitcoin towards $100,022, while a failure to breach this level may result in renewed selling, with support at $95,837 serving as a significant safety zone.
Key Insights:
Resistance: The downward trendline limits gains near $98,000; a breakout could target $100,022.
Support: Key levels at $95,837 and $91,721 offer a safety net for pullbacks.
Momentum: RSI at 60 and price above the 50-day EMA reflect moderate upward movement.
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